By Kofi Ahovi
The International Financial Corporation (IFC), a member of the World Bank Group, have signed a loan agreement for US$100 million with Kosmos Energy, one of the key partners developing Ghana’s Jubilee Field, to help meet the nation’s gas project for its domestic power demand.
IFC’s senior and junior loan tranches are part of a US$750 million debt package for US-based Kosmos Energy that IFC helped mobilize, primarily from commercial banks.
Earlier this year, IFC signed a $115 million loan agreement with British Tullow Oil, another key Jubilee partner, bringing IFC’s support for the project to US$215 million.
Kosmos Energy and Tullow Oil are independent oil and gas exploration and production companies.
The project, located in deep water some 60 kilometers off the coast of Ghana, will produce domestic crude oil, generating foreign exchange income for the country and substituting expenditures for oil imports.
It is also expected to boost government revenues, providing much needed income against the background of the global economic downturn.
IFC is supporting Kosmos Energy and Tullow Oil in preparing environmental and social management plans for the project.
The loans are tied to other milestones such as management of biodiversity conservation, safe-handling of waste and emergency response procedures.
Apart from crude oil, the Jubilee Field is expected to produce gas to support about 400 megawatts of new power generation, equivalent to about 30% of Ghana’s annual power consumption.
The project also will stimulate the Ghanaian economy by purchasing goods and services locally.
The International Financial Corporation (IFC), a member of the World Bank Group, have signed a loan agreement for US$100 million with Kosmos Energy, one of the key partners developing Ghana’s Jubilee Field, to help meet the nation’s gas project for its domestic power demand.
IFC’s senior and junior loan tranches are part of a US$750 million debt package for US-based Kosmos Energy that IFC helped mobilize, primarily from commercial banks.
Earlier this year, IFC signed a $115 million loan agreement with British Tullow Oil, another key Jubilee partner, bringing IFC’s support for the project to US$215 million.
Kosmos Energy and Tullow Oil are independent oil and gas exploration and production companies.
The project, located in deep water some 60 kilometers off the coast of Ghana, will produce domestic crude oil, generating foreign exchange income for the country and substituting expenditures for oil imports.
It is also expected to boost government revenues, providing much needed income against the background of the global economic downturn.
IFC is supporting Kosmos Energy and Tullow Oil in preparing environmental and social management plans for the project.
The loans are tied to other milestones such as management of biodiversity conservation, safe-handling of waste and emergency response procedures.
Apart from crude oil, the Jubilee Field is expected to produce gas to support about 400 megawatts of new power generation, equivalent to about 30% of Ghana’s annual power consumption.
The project also will stimulate the Ghanaian economy by purchasing goods and services locally.
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